China to continue to finance projects in Ecuador

Finance projects in Ecuador

Beijing - XINHUA

The Chinese Ministry of Commerce (MOC) will continue encouraging domestic financial institutions to fund major projects in Ecuador, it said Tuesday.

MOC spokesman Shen Danyang said in a news conference that Chinese enterprises have been "successfully" participating in big projects in Ecuador and the investment has boosted the local economy and improved livelihoods.

"The government encourages domestic financial institutions to support Chinese investment in Ecuador, particularly in infrastructure construction and industrial upgrades," said Shen.

The MOC also asked Chinese enterprises to employ and train more local workers, and transfer technology to their Ecuadorian partners, according to the spokesman.

China is the Latin American country's top financial support provider and third largest trading partner.

The two countries announced in January to establish "a strategic partnership" amid the commemorations of their 35-year-long diplomatic ties.

During a meeting with Ecuadorian President Rafael Correa, Chinese President Xi Jinping underlined the leading role of financial cooperation, calling for more collaboration in energy, electric power, minerals, infrastructure, agriculture technology, high-tech and new energy.